Funds Hub
Money managers under the microscope
Morning line-up: AIG’s Asian unit IPO, City seeks to calm Europe, further bank bailout
News and views on the fund industry and elsewhere:
AIG lowers valuation for Asian unit’s IPO - FT
UK launches 1st property derivatives fund - FT
City’s bankers tour Europe to reassure investors over future - Daily Telegraph
UK banks may need further state bailout - Reuters
Morning line-up
Hedge fund stories from the past 24 hours from Reuters and elsewhere:
The Lehman derivatives muddle – FT Alphaville
Ex-AIG chief Cassano back in U.S. – Reuters
Hedgie dies in escalator fall - Fox News
Swiss hit Lansdowne to lure Hedgies – Swisster
Irish FinMin on the hedge fund backing anti EU-campaign – Irish Times
The bear necessities
Genuine non-correlation is flavour of the month in new hedge fund launches.
In English, that essentially means funds that don’t go down much when the market falls (we don’t seem to mind if a fund matches the market during a bull market).
On Monday 47 Degrees North, a firm backed by the Guinness family’s (of brewing fame) investment office, said it had launched a fund investing in electricity markerts, Middle Eastern and North African equities, insurance-linked securities and volatility arbitrage which is designed to have low correlation to equity markets.
